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SBI to Launch Blockchain-Enabled Smart Contracts

November 22, 2017

SBI to Launch Blockchain-Enabled Smart Contracts

India’s largest lender State Bank of India(SBI) is planning for a beta-launch of blockchain-enabled smart contracts by next month, bank’s head of innovation Sudhin Baraokar said. He also said soon after the launch, Know Your Customer (KYC) will follow suit.

SBI’s applications are a part of BankChain, which is a community of 27 banks that have joined hands to offer blockchain-enabled banking solutions. SBI was the first member of the group and was followed by other banks including Axis Bank, ICICI Bank, etc.

BankChain has also inked a pact with Primechain Technologies, a Pune-based startup that will offer the blockchain solutions to the banks.

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